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- Jurrien Timmer, a Fidelity Investments executive, called Bitcoin “exponential gold.”
- The executive said Bitcoin could be a “high-powered” hedge against monetary “shenanigans.”
- Jurrien, earlier in 2021, predicted Bitcoin would gain more market shares against gold and reach $100K in 2023.
Jurrien Timmer, director of Global Macro at financial services company Fidelity Investments, in a recent post, hailed Bitcoin as “exponential gold,” alluding to the digital asset’s potential to add significant value over time.
Indeed, the executive tweeted that “Bitcoin’s scarcity and adoption curve creates the potential for it to be a high-powered hedge against monetary shenanigans.” While noting several S-curves throughout history, Jurrien said Bitcoin’s adoption curve followed a similar pattern.
According to the executive, Bitcoin’s adoption curve in 2021 was very steep, resembling the S-curve for mobile phones during the 1980s and 1990s. It “was promising,” he said. However, he stated that following the crypto winter, the adoption curve has flattened out.
Furthermore, Jurrien said Bitcoin adoption is now closer to the internet adoption curve of 200. He continued by saying that the digital asset, since its 2021 bull market, has yet to make much progress.
In 2021, the executive predicted that Bitcoin would gradually gain more market share from gold. Additionally, he estimated that the crypto asset’s price would reach a peak of $100,000 by 2023.
Meanwhile, Fidelity is one of the large financial firms to have filed for a spot Bitcoin exchange-trusted fund in the U.S. The firm, which has over $4.5 trillion in assets under management, joined other companies like BlackRock, WisdomTree, and Invescos, which now await a decision from the U.S. Securities and Exchange Commission.
Recent reports suggest the SEC may have softened its approach to Bitcoin ETFs and may approve an ETF before the end. Experts predict that such an approval would bolster crypto market performance and open the way for wider adoption.
Elsewhere, Bitcoin’s price continues to hover around $34,000, according to CoinMarketCap data. In the past 24 hours, the token’s value has declined by 2.08%, alongside a wider market slip. At present, Bitcoin’s market cap sits at $674 billion, making it the largest crypto network in the world.
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